Buying a holiday home isn’t a fly-by-night decision nor should it be a ramshackle process. Do proper research and seek advice from a variety of experts, and most importantly, give yourself time to weigh up all the possibilities. There’s a lot of information to digest, and sometimes you need time to contemplate everything and formulate the best plan of action. We’d encourage you to speak to the following experts before spending your pounds:
Consult your Financial Advisor
Do you have sufficient funding? We know it sounds silly to ask, but when making an investment of this size you want to ensure you're able to comfortably part with a large sum of money without letting other investments or your daily budget suffer.
Your financial advisor will scrutinise your financial status and evaluate the feasibility of buying a holiday home. They can tell you how much credit you can get, and advise you on the best method to finance your additional home. Some buyers choose to remortgage their original home, while others take out a separate mortgage on their new property. Bringing your financial advisor on board will also help outline the tax and interest rates implicated with buying additional real estate.
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Find a Suitable Real Estate Agent
Buying a holiday home abroad is complex because legalities differ, so it’s important to employ a real estate agent with appropriate experience. Spain’s coast is littered with agencies who have global experience, but that doesn’t necessarily mean they have same in-depth expertise that local Spanish agents have. You want to hire an agent that favours details over generalities. Anyone can rattle off a sales pitch from a brochure, but only an experienced local agent will be able to point out the subtle nuances between different areas. Just remember to find one who is fluent in English and has a good track record of assisting foreigners.
Talk to Expats
Agents are reliable sources of information, and while they’ll endeavour to get you the best deal, their agenda is always about selling. Before buying your holiday home, speak to as many expats as you can to get an honest account of the neighbourhood. Noise, traffic, proximity to amenities, and whether it's a family-friendly community will influence your final choice.
Expats will shed light on what the local cuisine is like if it’s easy to find parking, and how busy the holiday season is. Before chatting with anyone, you might want to decide on a few non-negotiables. If you love the property, but it’s inconvenient in reality, then don’t try to convince yourself otherwise.
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Hire a Rental Management Company
A bad review circulated online can soil your reputation if you’re buying-to-let, and prevent potential tenants from renting in the future. Too keep rentals consistent, you should hire a rental management company to take care of things. They can manage the bookings, handing over the keys, and collecting fees. Make sure they also organise cleaning between stays, pay utility bills, and carry out maintenance if need be. You want to make renting your property as a hassle-free as possible and a pleasant experience for holidaymakers, so that they keep returning or recommend you to friends and family.
Now that you know who to consult, you’re ready to embark on the exciting journey of buying international real estate. If the Spanish coast is on your real estate bucket list, then we’d encourage you to take a look at our prime property in Calpe.